Don’t sell your unique home in London: you might do better to let it

Paul Travers

Paul Travers

This one’s a slightly tricky subject with the current increased cost of living. However, if you own a unique home in London and you’re considering selling up, you might be better off renting your property out, given the furious nature of the lettings market.

 

Soaring rents made the headlines all the way through 2022. Many landlords who focused on short-term yields sold up, while the combination of interest rate turmoil and gleeful press predictions of collapsing property prices caused many buyers to pause for thought and stay renting.

 

It’s always the case in property that when the sales market cools, the lettings market heats up. And with far fewer rental homes available and many more tenants looking for somewhere to live, the resulting fierce competition took rents to giddy new heights, easily 15% up on a year or so ago, and sometimes more than that.

 

For many tenants looking for conventional family homes, this proved extremely difficult. But the rental market has another side to it, with high-earning tenants looking for a unique home in London or a city-centre pad. They’re fortunate to be less affected by increased energy bills, rising rents and higher prices on the high street. They want a fabulous home, and they’re willing and able to pay for it.

 

So given that there’s such a desperate shortage of property and that rents are so high right now, we seriously recommend you consider letting your unique or city centre home if you’re considering selling up. As well as alleviating the lack of supply for a long line of financially secure tenants, you could speed up your move, cut out a chain, and instantly put yourself in pole position for a home you want to buy. Certainly food for thought.

 

Meanwhile, carry on reading for some recent examples of the rents we’ve achieved.

 

Hope Wharf in Rotherhithe Village

About 15 minutes walk along the Thames Path from Tower Bridge, this penthouse loft at the top of a riverside warehouse has been recently renovated. It proved an instant hit the moment we made it available.

We had five viewings from 9 enquiries (high for this end of the market) and agreed a let within five days. At £795 per week, the price was £100 per week (over £5,000 per year) more than we’d have got this time last year.

A fantastic result by any measure, particularly as the apartment never appeared on a single property portal. All the interest came direct from our website – another example of how people looking for a unique home in London don’t look in the usual places.

Hope Wharf in Rotherhithe Village on the banks of the River Thames

The apartment has two bedrooms and unfolds over 1,400sq ft and two floors. Outside, a riverside terrace has remarkable views along the Thames in both directions, from Tower Bridge to Canary Wharf.

 

The living room and riverside terrace of the penthouse at Hope Wharf in Rotherhithe Village

 

But you don’t need a unique home in London to get a record rent. The clamour for small city pads is also at fever pitch. Record rents and record speeds are the norm right now for this stalwart of urban stock.

 

Vision House in Old Street

At Vision House, tucked away behind Old Street Roundabout, we released a one-bedroom apartment. The response from prospective tenants was huge, with over 50 enquiries in less than 2 hours. The resulting scrum produced a speedy let at just over its asking price of £576 per week.

The exterior facade of Vision House, home to a first-floor apartment to rent in Old Street

Inside the first-floor apartment to rent in Old Street at Vision House

 

Avant Garde Tower in Shoreditch

Nearby, just off Shoreditch High Street on Bethnal Green Road, the 25-storey Avant Garde Tower has cemented itself as a striking new landmark in the Shoreditch skyline. Unsurprisingly, this one-bedroom apartment to rent didn’t hang around long. 

This time, we used the waiting list from viewings three months earlier. As a sign of the acute shorting of homes, 10 of those people still hadn’t found a place to live! One viewing day later, the apartment was let at £576 per week, almost £2,500 per month.

The chance to have a tenant who’s already decided to become a buyer is a dream for most landlords. There’s a sense of handing your property over to someone who’s already attuned to the responsibility of a mortgage and taking care of their home.

 

Do you own a unique home in London? Would you like to move soon? Then let us help you achieve a fantastic rent from a financially stable and responsible tenant. Call us on 020 8187 4599 or email us at info@uniquepropertycompany to get things going.

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